Hong Kong Approves Retail Crypto Trading, Boosts Cryptocurrency Prices

Hong Kong's securities regulator approves retail trading of certain crypto assets from June 1.

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Bitcoin price increases by 1.7% to $27,293.64, while Ether rises nearly 2% to $1,851.91.

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The move by Hong Kong's Securities and Futures Commission (SFC) was expected and marks the end of a public comment phase initiated in February.

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Hong Kong aims to become a global crypto hub, contrasting with China's crypto trading ban and the U.S.'s hostile regulatory stance.

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The SFC's decision is part of a broader effort to attract firms and talent to Hong Kong.

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The impact on the market may not be immediate, but increased volume is anticipated in June.

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Hong Kong already has licensed digital asset platforms, such as OSL and Hash Blockchain.

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Bitcoin and Ether have experienced limited price movement in May.

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Market catalysts have been lacking, and investors are closely monitoring debt ceiling negotiations.

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Bitcoin has reverted to behaving like a risk asset in recent trading.

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